MLC301 Principles of Income Tax Law - Question/Answer

Question 2 (4 points)

Briefly explain whether the following are ordinary or statutory income for the taxpayer (1 mark each):
i. Geoff runs a business buying and selling stolen property. This year, he made $50,000 from the sale of stolen televisions.
ii. Craig receives $450 in dividends from shares in QBank.
iii. Mark purchases some bulk office supplies for his boss. He is then paid back for this cost and $300 is transferred into his account.
iv. The taxpayers receipt in Bennett v FCT (1947).